Question # 1

Which of the following stated that utility is measurable

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Marshall

Adam Smith

Robbins

Keynes

National income increases by

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The increase in the quantity of capital goods

The increase in the quantity of goods and services

The increase in price of goods

The increase in the income of entrepreneurs

Free gift of nature is

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Land

Labour

Capital

Organization

Guides finance minister for levying tax on the income of the people

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Law of demand

Law of equi marginal utility

Law of diminishing marginal utility

Law of supply

One condition which is not included in perfect competition conditions

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Homogeneity of product

Difference in price

Large number of buyers and sellers

Perfect knowledge of the market

Till marginal cost curve remains below the marginal revenue curve, from the economic point of view, increase in production for a firm is

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Beneficial

Unbeneficial

May be beneficial or unbeneficial

Neither beneficial nor unbeneficial

The relationship between price and quantity supplied is:

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Inverse

Positive

Infinite

Zero

River, sea, forests, rain are called

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Land

Labour

Capital

Organization

Wages of temporary labourers are:

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Fixed cost

Marginal cost

Total cost

Variable cost

After subtracting depreciation allowance from gross national product is known

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National income

Net national product

Personal income

Gross domestic product

All factors of production are variable in the:

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Market period

Long period

Short period

All of these

National Income is also known as:

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National product

Total expenditure

Total population

Both a and b

If due to a very slight decrease in price, demand goes on increasing, elasticity of demand will be

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More than unity

Less than unity

Infinite

Zero

"Principles of Economics" was written by.

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Adam smith

Marshall

Robbins

Canon

Zakat means

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Growth

Purification

Tax

Both 1st and 2nd

In case of international trade, trade restrictions are usually

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Limited

More

Too much

None of three

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Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers

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